Worthington Steel, Inc. ( WS ) shares are skyrocketing on Friday.

The company reported third quarter fiscal 2024 adjusted earnings per share of 99 cents, beating the Wall Street view of 84 cents.

Quarterly revenues of $805.80 million outpaced the analyst consensus of $700.50 million. Sales increased 3%, compared to the prior year quarter. 

The increase was driven primarily by a 1% increase in direct selling prices and an 11% increase in toll selling prices.

“We saw improvements in sales, operating income and net income over the same quarter in 2023, and our teams are laser-focused on finishing the fiscal year strong,” said Geoff Gilmore, president and chief executive officer of Worthington Steel ( WS ).

Gross margin increased by $56.9 million over the prior year quarter to $120.1 million. The increase was driven primarily by improved direct spreads and higher volume.

Operating income improved by $56.8 million over the prior year quarter to $66.3 million, primarily due to the improved gross margin. 

“I’m optimistic about our future and confident in our team, our growth plans and our strategy,” Gilmore added.

Worthington Steel ( WS ) has declared a quarterly dividend of $0.16 per common share, payable on June 28, 2024, to shareholders of record on June 14, 2024.

Price Action: WS shares are trading higher by 24.7% to $39.79 on the last check Friday.